Toyota Material Handling and AeroVironment Announce Alliance to Market PosiCharge® Battery Fast Charge Systems

September 16, 2008

IRVINE, Calif. - (September 16, 2008) - Toyota Material Handling, U.S.A., Inc. (TMHU), the number one lift truck supplier in the United States, and AeroVironment, Inc. (AV), the number one battery fast charge system manufacturer, have established an alliance to market AV's PosiCharge fast charge systems. PosiCharge systems are now available through 68 authorized Toyota Industrial Equipment dealers with 190 locations throughout the United States.

"Beyond pushing the bounds of product innovation, one of Toyota's goals is to support environmentally appropriate and socially beneficial initiatives contributing to a cleaner environment," said Shankar Basu, president and CEO of TMHU. "This alliance with AeroVironment furthers Toyota's 'green thinking' philosophy by promoting high-quality PosiCharge products, which benefit the environment and our customers in numerous ways."

AeroVironment's comprehensive line-up of PosiCharge high quality battery fast charge systems is designed to deliver a measurable positive impact on improving the environment by reducing the total number of batteries required to operate a fleet of electric lift trucks, and improving the efficiency and life cycle of the battery itself.

Offering significant productivity enhancements, PosiCharge fast charge systems maximize operator uptime and throughput by eliminating the need for complicated charge schedules. Additionally, PosiCharge fast charging technology eliminates the need for battery changing rooms and manual handling of batteries, which in turn reduces the chances of lead acid spillage and other environmental and safety hazards. An extended life cycle of batteries combined with a company's reduced battery inventory also equates to less batteries heading to landfills.

Now in addition to offering the world's cleanest IC lift truck* and a full line of emission-free electric lift trucks, Toyota Industrial Equipment dealers offer environmentally friendly PosiCharge fast charge systems for a more comprehensive environmental solution.

"Our alliance with Toyota and its highly reputable dealership network is a perfect fit for PosiCharge," said Tim Conver, president and CEO of AeroVironment, Inc. "We look toward the future in developing and promoting products that result in better customer productivity, safety improvements, and a better environment."

AeroVironment's research shows that by improving the efficiency of lead acid batteries and eliminating battery changing rooms within the past 10 years, its fast charging systems have contributed to an estimated savings of:

2.5 million pounds of lead 500,000 pounds of steel 30,000 gallons of sulfuric acid; and 55,000 gallons of water Beyond the positive environmental impact, this alliance will address customers' increased expectations for value driven solutions in today's challenging global and economic state.

"The state of our economy, environmental concerns, dependence on foreign oil, increasing gas and energy prices and legislative pressure to improve air quality has really made an impact on the material handling industry today," states Martin Boyd, national product planning manager of Toyota Material Handling, U.S.A., Inc. Boyd adds, "The timing of these issues, combined with the performance increases associated with AC technology has really served as the catalyst behind the strong trend towards electric lift trucks. Today, approximately 60% of lift trucks sold are electrics - the highest our industry has ever seen. We expect this trend toward electrics to continue its momentum upward for the next five years."

Ryan Gibson, product manager for AeroVironment explains, "Any electric lift truck customer application requiring battery changes is a potential candidate for benefiting from the demonstrated value of PosiCharge fast charge technology. We are even seeing an increased interest among customers with fleets of internal combustion lift trucks who are seriously considering the switch to electrics." Gibson concludes, "Today's environmental concerns, along with pressures to improve efficiencies and increase productivity make the alliance between Toyota and PosiCharge the perfect fit - at the perfect time."

About AeroVironment and PosiCharge®

AeroVironment's PosiCharge motive power systems feature intelligent fast chargers designed to allow users to eliminate the battery room and its associated challenges, thereby recovering run time, enhancing productivity, optimizing assets and improving worker safety. PosiCharge systems are designed to fast charge each battery in the vehicle during scheduled breaks, so the battery never leaves the vehicle.** With a proprietary system that safeguards batteries by customizing each charge, PosiCharge systems can actually extend a battery's useful life as compared to conventional charging technology. AeroVironment has been supporting high-growth Fortune and Global 500 facilities with its PosiCharge systems for more than six years. More information can be found at www.posicharge.com and at www.avinc.com.

About Toyota Material Handling, U.S.A., Inc.

Celebrating more than 40 years of established operations in the United States, Irvine, Calif.-based Toyota Material Handling, U.S.A., Inc., (TMHU) has been the No. 1 selling lift truck supplier in the U.S. since 2002 and currently offers a full line of high-quality lift trucks sold under the Toyota brand. Built on a reputation of excellence, Toyota remains popular due to its quality, reliability and durability. Quality is the hallmark of Toyota's world-renowned Toyota Production System practiced at all Toyota manufacturing facilities, including TIEM. Most of the Toyota lift trucks, including the 8-Series, sold in the United States are manufactured at TIEM.

Toyota's commitment to excellence in customer service extends nationwide. Sixty-eight authorized Toyota Industrial Equipment dealers, with a total of 190 dealership locations throughout the United States, offer comprehensive customer service support, including one-stop shopping for both new and Certified Used lift trucks, PosiCharge, parts, service and financing. For more information on TMHU, please visit www.toyotaforklift.com or call 1-800-226-0009. For more information on this alliance, visit www.posichargeTIE.com.

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*All Toyota 8-Series models count as 0.6 g/bhp-hr (0.8 g/kW-hr) HC+NOx towards California's end-user fleet average calculation-measures do not apply to diesel configured models.

** Except in the case of standard battery life cycle changes, occurring approximately every five years, or unforeseen battery malfunctions. Refers to the practice of daily battery changing. Excludes end-of-life battery and maintenance change-outs.


About AeroVironment, Inc. (AV)

AeroVironment (NASDAQ: AVAV) provides customers with more actionable intelligence so they can proceed with certainty.Based in California, AeroVironment is a global leader in unmanned aircraft systems, tactical missile systems and electric vehicle charging and test systems, and serves militaries, government agencies, businesses and consumers. For more information visit www.avinc.com.


Safe Harbor Statement

Certain statements in this press release may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.


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